Ghana revokes Zeepay licence over unbacked customer funds
Ghana's central bank has revoked Zeepay's electronic money licence for failing to back customer funds, signalling stricter enforcement across Africa's expanding fintech sector.
The Bank of Ghana has revoked the Dedicated Electronic Money Issuer licence of Zeepay Ghana Limited with immediate effect, citing repeated failures to maintain adequate cash backing for customer balances.
The central bank announced the withdrawal on July 14, stating examinations found the fintech had issued electronic money without sufficient liquid assets. Regulators noted the company also ignored prior directives to safeguard consumer, merchant and agent funds and defied an earlier order to wind down its e-money operations.
According to the central bank, these continued violations posed a direct risk to consumers and threatened the stability of Ghana’s payment system. The regulator determined that allowing the breaches to continue would jeopardise the wider financial infrastructure, framing the licence cancellation as a necessary step to preserve confidence in the country’s digital payments ecosystem.
Zeepay acknowledged the decision and pledged a structured exit. "Zeepay Ghana Limited is working closely with the Regulator and all relevant stakeholders to ensure an orderly, transparent and responsible approach following the revocation of the Company’s Dedicated Electronic Money Issuer Licence," the company said.
The fintech has yet to outline exactly how customers will access or transfer the funds held in their mobile wallets. "We recognise the concerns that this development may cause and sincerely appreciate the patience, understanding and continued cooperation of our customers, employees, agents, merchants, partners and the wider public during this period," the statement added.
The action against Zeepay ranks among the strongest regulatory interventions targeting a fintech in Ghana. Zeepay had been a prominent operator in the market, providing mobile money wallets and international remittance services to individuals and businesses. Its services played a significant role in facilitating cross-border money transfers and expanding financial inclusion across the region.
For investors and executives operating in emerging markets, the revocation highlights a widening regulatory crackdown. African financial authorities are increasingly prioritising the protection of customer deposits and enforcing stricter compliance standards as digital financial services scale rapidly across the continent. The Bank of Ghana has advised affected users to contact Zeepay through official support channels for assistance.
